Game 2: Dissolution of Partnership Truth and Lie
Dissolution or Change in % Share of Ownership in Partnership True or False Statements
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Topics of this game:
- Partnership dissolution is synonymous with partnership liquidation.
- A partnership may be dissolved without being liquidated.
- A partnership may be dissolved at any time by any of the partners.
- On dissolution, the partnership is not terminated but continues until winding up.
- The dissolution of the partnership discharges the existing liability of any partner.
- A new partner cannot be admitted into a partnership without the consent of all partners.
- A person admitted as a partner into an existing partnership is liable for obligations.
- In admission by purchase, payment is personally made in between the partners.
- The assets invested into the partnership, increase the total assets of the partnership.
- Cacawa has P15,000 capital account. If Burgon purchased Cacawa's for P20,000, entries?
- Goodwill is the amount of capital transferred by one partner to another partner.
- Capital credit = total agreed capital multiply by corresponding percentage interest
- Total contributed capital should always equal the new partnership capital.
- Admission by investment, bonus method, when total agreed capital greater than contribute
- When new partners invest more than the equity interest they are to receive.
- When bonus is allowed to a new partner, entries will reduces the capital of old partner.
- The withdrawal of a partner from a partnership is a type of dissolution.
- If partner withdraws by selling his equity, the excess payment is bonus to remaining.
- The retirement of a partner by payment can decrease the other partners' capital.
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